If projects are listed on cex or dex, than that's the best thing to look at. Without liquidity, there is still a great chance of becoming a scam project as well as team could easily rugged pull that. On the other hand, few projects are having fake liquidity or trading volumes on cex by the team which is dangerous for investors. So, we need to be careful about those fake projects which are having liquidity but don't have any usecases, IMO.